FxWirePro: Thai baht gains despite lower than expected consumer confidence data

• USD/THB is currently trading around 33.25 marks.
   
• It made intraday high at 33.29 and low at 33.25 marks.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 33.32 mark.
   
• On the top side, key resistances are seen at 33.32, 33.40, 33.52, 33.77, 33.94, 34.10, 34.23, 34.34, 34.48, 34.55, 34.67 and 34.74 marks respectively.
   
• Alternatively, a daily close below 33.28 will drag the parity down towards key supports around 33.22, 33.01, 32.77 and 32.54 marks respectively.

• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• Thailand July consumer confidence index at 73.9 vs 74.9 in June.

We prefer to take short position in USD/THB only below 33.22, stop loss 33.40 and target of 33.01.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest